Rick Santelli Calls For "Chicago Tea Party"
The markets are not reacting very well to Barack Obama's latest spending plan, which is to spend about seventy five billion dollars to rescue people who can't pay their mortgages. CNBC host Rick Santelli believes he knows why.Rick Santelli, who also an experienced investment strategist and trader, put it simply that the government would be promoting bad behavior by subsidizing mortgages given to people who ought not to have had them to start with. "Because we certainly don't want to put stimulus forth and give people a whopping $8 or $10 in their check, and think that they ought to save it, and in terms of modifications... I'll tell you what, I have an idea. "You know, the new administration's big on computers and technology-- How about this, President and new administration? Why don't you put up a website to have people vote on the Internet as a referendum to see if we really want to subsidize the losers' mortgages; or would we like to at least buy cars and buy houses in foreclosure and give them to people that might have a chance to actually prosper down the road, and reward people that could carry the water instead of drink the water?"
Rick Santelli went on to compare what is happening to America under Barack Obama to Castro's Cuba and to suggest a kind of "Boston Tea Party" anti spending revolt. Rick Santelli's impassionate speech on CNBC brought cheers on the floor of the Chicago Board of Trade, from where he was reporting, Rick Santelli's "rant" has gotten a lot of favorable coverage, on Drudge, and on conservative talk radio like Rush Limbaugh and Sean Hannity. More importantly, Rick Santelli's attack on the Obama mortgage bailout scheme seems to reflect a growing disquiet over President Obama's spending schemes, which started with the stimulus package, and will now not only include a bailout for mortgages but also a new bailout for the car companies and perhaps even a second stimulus. That disquiet has been manifest in recent days by protest rallies in Seattle, Denver, and most recently in Mesa, Arizona.